GOLD FORECAST
The current analysis indicates a bearish trend for gold, as long as it remains below the 2325 threshold. At present, the price seems primed for consolidation between 2327 and 2302 before any breakout occurs. The prevailing bearish pressure suggests that if trading persists below 2325, a decline to 2304 is likely. Although there might be temporary fluctuations, with a potential retracement to 2315 before further movement, the scenario changes if a 4-hour candle closes under 2304, possibly leading to levels at 2295 and 2282.
Key Levels:
Pivot Line: 2315
Resistance Levels: 2325, 2344
Support Levels: 2304, 2283
Today's expected trading range is expected to span between the support level at 2283 and the resistance level at 2325.
The current analysis indicates a bearish trend for gold, as long as it remains below the 2325 threshold. At present, the price seems primed for consolidation between 2327 and 2302 before any breakout occurs. The prevailing bearish pressure suggests that if trading persists below 2325, a decline to 2304 is likely. Although there might be temporary fluctuations, with a potential retracement to 2315 before further movement, the scenario changes if a 4-hour candle closes under 2304, possibly leading to levels at 2295 and 2282.
Key Levels:
Pivot Line: 2315
Resistance Levels: 2325, 2344
Support Levels: 2304, 2283
Today's expected trading range is expected to span between the support level at 2283 and the resistance level at 2325.